The company said it has closed the transaction with Sumitomo Rubber Industries (SRI), wherein SRI takes over Apollo Tyres South Africa (ATSA), including the Ladysmith passenger car tyre plant, and the Dunlop brand rights that Apollo had in 32 countries of Africa for $60 million.

Apollo Tyres called a press conference to allay fears of investors and talk about the fallout of its $2.5 billion acquisition of Cooper Tire & Rubber Co in the US. The company's stock has dropped 30 per cent in two days.

Armed with deep pockets and distinguished brands, some of India’s biggest mega-corps are diversifying away from their flagship businesses. Synergies do exist in most cases, but do some of these promoters run the risk of spreading themselves too thin? BT's Anand Adhikari finds out.

Family disputes are not new at Apollo Tyres Ltd. (ATL) or for its Chairman and Managing Director Onkar Singh Kanwar. Back in 1995, Kanwar was locked in battle with his father, Raunaq Singh, from whom he was trying to wrest control of the company.